Crypto cards are perhaps the perfect alternative between the old banking system and the modern one. They fill the gap between the legacy fiat system and the prospect of cryptocurrences. You might be a long-term crypto investor trying to invest some of your income, or you might have opted to make a full move to crypto and just periodically spend some of it to pay your expenses. Or maybe you just want the ease of keeping your crypto and your fiat in the same bag. If you fall into either of these groups, you’ll definitely find it useful to have your own crypto card.
Best Crypto Cards in 2020
Whereas most cards available only support USD, the Crypto.com card supports USD, EUR, GBP and SGD, providing a zero-fee transfer of up to $2,000 between them. You can upload your card directly to BTC, ETH, LTC or XRP or convert one of the many other cryptocurrencies sponsored on your wallet to either of the above until uploading. However, what really distinguishes this one from its rivals is the fact that it allows direct fiat deposits, while the other cards available in the US allow crypto d only.
There are far more participants in crypto now than there were five years ago. In the United States alone an estimated 10 million people own Bitcoin. While space is growing increasingly, most traders are yet to embrace this emerging technology and it remains difficult to locate those who accept crypto as a payment form. This is where the crypto debit card becomes a better choice.
The crypto debit card is just the same as the standard credit card, except that you have the option of filling it with crypto instead of fiat. In other words, after you’ve filled a crypto card, it can be used in the same way that you can on your debit or credit card. For example, you can purchase food, pay for gas or book a holiday. Although you’re going to invest your cryptos, merchants are going to collect fiat payments.
Without a crypto debit card, it may be very challenging to access the liquidity of your cryptocurrency holdings in a timely manner. The standard method for liquidating part of your crypto funds is to transfer them from your wallet to an auction, to swap them for fiat and to remove the proceeds from your bank account. Then you need to wait for the fiat to appear in your bank account before you can actually use it to buy from a retailer, whether it’s online or in a physical store. This method could take a long time. A wire transfer takes days to clear up and prevents you from easily accessing the worth of your holdings.
In the other hand, a crypto card helps you to invest your crypto on the go. It makes the experience smooth by taking care of the conversion crypt to fiat for you. This simplicity comes at a premium, of course, since most cards charge a small fee for each purchase. You also surrender self-custody when you need to keep your money on the card wallet app. However, depending on what your current needs are a crypto card may be the perfect way to invest your crypt easily and cheaply.
At this point, you may be persuaded that you need to get yourself a crypto card, but with all the choices available on the market, you don’t know which one to pick. You may have learned of cards sold by certain well-known firms like Coinbase, or less well-known ones like Crypterium. Costs or services differ greatly from card to card; some may be free to order, offer cheaper prices, accept multiple cryptocurrencies, or may be available in more countries. It’s possible to get confused and businesses aren’t really very straightforward when it comes to showing the rates they charge-something we know the crypto community is expecting to see vanish!
To make it easy for you, Cryptotesters took a closer look at all the cards currently on the market and chose the best choices in each of the following categories: the lowest fees, the highest card caps and the most flexible. For the sake of transparency in our scores, the specifics of our score protocol can be found at the end of the report. You can also find the meanings of all fees listed in the article.
Note that some organizations sell Tiered Passes, which limit premium functionality and rewards to paid customers. To be honest, we limited this analysis to the standard account, or Tier 1, which is open to non-paying users. We checked a total of 16 cards and chose the handful that really stood out.
In addition, we have divided this summary article by country, concentrating on the US, the EU/UK and APAC/Singapore. We thought that the majority of readers would be involved in a particular region and that the cards would be compared within the same region. Often, varying rates and caps can be provided by the same card issuer per country, since they have to work with different financial service companies, and the conditions imposed by those providers varies from region to region. We’re going to get started with the cards offered in the US but feel free to jump straight to the area of your interest!
Crypto cards provide a lot of flexibility to invest your crypto, but the convenience also comes at a premium in the form of a bill. Luckily, businesses like Crypterium and Spend.com offer both convenience and low fees! Through their wallet, you will make the best of the lowest cumulative fees on all cards running in the US.
When it comes to card charges, Spend.com is basically free of charge. You can order the primary and secondary/replacement card free of charge and there is no annual repair or inactivity charge whatsoever. Spend.com only charges a one-time $25 membership fee for accessing your card, but when you equate your total fee plan to your rivals, the one-time fee is well worth it if you’re using your card regularly. Spend.com charges 0 percent extra charges for fiat to fiat transfer, 0 percent for crypto deposits, 0 percent for ATM withdrawals, and 1 percent for all crypto-to-fiat conversions.